Media Company Paramount Global Subleasing 355K SF of Office in Manhattan
By Mark Hallum June 10, 2025 12:52 pm
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Paramount Global is shedding 3.5 percent of its workforce, as well as a huge portion of the buildings it occupies in Midtown.
The media production company has been taking cost-cutting measures in recent months, and the latest results in Paramount putting 355,000 square feet of New York City office on the sublease market with 253,000 square feet of that at 1633 Broadway, the New York Business Journal first reported.
The building at 1633 Broadway is owned by Paramount Group, a real estate investment trust unrelated to Paramount Global, and the space has been on the sublease market for about a year and a half. The balance of the space up for sublease is for 103,000 square feet at SL Green Realty’s 1515 Broadway, and it’s unclear when that hit the market.
Paramount announced in August its intention to lay off 469 of its 4,406 employees. Then, in December, another 1,192 employees were declared to be on the chopping block, intended to be laid off by March 2025, mostly at 1515 Broadway, according to New York State Department of Labor filings. It was unclear whether the initial 469 were included in the 1,192 total, or if the 1,192 was in addition to an initial round.
A Paramount Global spokesperson declined to provide the exact number of employees who will be terminated in the latest round, but said the subleasing of space was unrelated to the layoffs.
Paramount Global, formerly ViacomCBS, owns CBS, MTV, Comedy Central, Nickelodeon and other television networks, in addition to film studio Paramount Pictures and the Paramount+ streaming service. Skydance Media has been negotiating since 2024 to acquire the company.
Tuesday’s announcement followed the departure of Paramount Chief Financial Officer Naveen Chopra for a position at Roblox last week.
Paramount Group has been correcting its financial course over the last few quarters including an increase in office leasing, but it is still not as buoyant on the income side, the company said in a first-quarter earnings call in May.
SL Green did not immediately provide comment on the subleases.
Mark Hallum can be reached at mhallum@commercialobserver.com.
